I.    Eligibility for Early Retirement Plan

The school district offers an Early Retirement Plan for full-time licensed employees.  Full-time licensed employees are licensed employees who are eligible for full insurance coverage under the requirements of the insurer and who are currently performing their assigned duties within the school district.  A licensed employee is eligible to participate in the Early Retirement Plan under the following terms:

   A.  The number of applications for the Early Retirement Plan will be limited to no more than five (5) for a given fiscal year, unless the Board chooses to allow more than five(5).

   B.  The Early Retirement Plan will be available to a licensed employee who is fifty-five (55) years of age by the start of the next school year.

   C.  The Early Retirement Plan will be available to those who have completed their most recent ten (10) consecutive years of service in the Red Oak Community School District.

   D.  The employee shall submit an application for the plan on or before January 15 of the current school year, at the Board’s discretion.

   E.  The employee shall submit a written resignation resigning from the existing contract.  The resignation may be contingent upon approval by the board of participation in the
         voluntary early retirement program.

   F.  All applications for the Early Retirement Plan will be considered not later than the second regular Board meeting in January, and if more than the designated number allowed
        in Section A are received, the highest priority will be given to the teachers with the longest continuous teaching service in the District.

   G.  An employee who meets the criteria in item “B”, but who has not completed a minimum of ten (10) consecutive years of service to the school district may apply for a
         prorated early retirement amount.  Approval of such application by the board will be based on the best interests of the school district, and if a prorated amount is approved,
         the amount will be based on completed consecutive years of service at the time of the application for the Early Retirement Plan.

   H.  The application for the Early Retirement Plan and the resignation must be approved by the board, which will authorize disbursement of the early retirement amount.

   I.    Approval by the board of the licensed employee’s early retirement application shall constitute a voluntary resignation.  Approval by the board of the licensed employee’s
         early retirement application will also make the licensed employee eligible for disbursement of the early retirement amount on January 20 of the school year following the
         licensed employee’s approval for early retirement.  Failure of the board to approve the licensed employee’s early retirement application will make the licensed employee’s
         current contract with the board continue in full force and effect.

 

II.  Voluntary Early Retirement Amount and Terms:

   A.  An employee who meets one of the eligibility requirements will be eligible for the early retirement amount of $15,000, plus an amount equal to 25% of the employee’s
        accumulated sick leave times the current daily substitute teacher pay rate.  An employee whose contractual full-time equivalency (FTE) is less than 1.00 will be eligible for a
        prorated early retirement amount by multiplying the employee’s FTE by the applicable amount above.

   B.  An employee agrees to participate in the “Special Pay Plan”.  This plan allows payment of the early retirement amount to be paid to a Tax Shelter Annuity of the employee’s
        choice.  This Tax Shelter Annuity must be with a company that participates in the State of Iowa Plan.  If the employee is currently contributing to a Tax Shelter Annuity the
        payment will be made to the same company.  The employee agrees not to close out this account before the January payment is made.

   C.  Upon retirement, the licensed employee is eligible to continue participation in the school district’s group insurance plan at the licensed employee’s expense by meeting the
        requirements of the insurer.  The employee/retiree must pay the monthly premium amount in full to the board secretary prior to the due date of the school district’s premium
        payment to the insurance carrier.

        This insurance coverage will cease when the licensed employee/retiree qualifies for Medicare coverage, secures other employment in which the employer provides
        insurance coverage, or dies.  If dependent insurance coverage is carried, that coverage may continue at the dependent’s expense beyond the employee’s/retiree’s
        qualification for Medicare coverage under COBRA provisions.

        In the event of the death of the employee/retiree, the dependent of the employee/retiree may continue coverage in the school district’s group health insurance program at
        his/her own expense under COBRA provisions, if the dependent was covered through the school district’s group health insurance program prior to the death of the
        employee/retiree.

   D.  An employee who elects to participate in this program will become a retired employee and will be entitled to all rights and privileges of such a retiree under applicable laws
        and policies of the school district.

   E.  Beneficiary.  In the event of the death of the employee prior to the early retirement amount being paid, payment will be as follows:

1. Lump sum payment will be made to a designated beneficiary for the early retirement amount due to the employee on January 20 of the school year following the licensed employee’s approval for early retirement.
2. In the event no beneficiary is named, payment shall be made to the estate of the employee on January 10 following the licensed employee’s approval for early retirement.

The board has complete discretion to offer or not to offer an Early Retirement Plan for licensed employees and will review this policy annually.  The board may discontinue the school district’s Early Retirement Plan at any time.
 

         

 

I.    Eligibility for Early Retirement Plan

The school district offers an Early Retirement Plan for full-time support staff employees.  Full-time support staff employees are support staff employees who are eligible for full insurance coverage under the requirements of the insurer and who are currently performing their assigned duties within the school district.  A support staff employee is eligible to participate in the Early Retirement Plan under the following terms:

   A.  The number of applications for the Early Retirement Plan will be limited to no more than five (5) for a given fiscal year, unless the Board chooses to allow more than five (5).

   B.  The Early Retirement Plan will be available to a support staff employee who is fifty-five (55) years of age by the start of the next school year.

   C.  The Early Retirement Plan will be available to those who have completed their most recent ten (10) consecutive years of service in the Red Oak Community School District.

   D.  The employee shall submit an application for the plan on or before January 30 of the current school year, at the Board’s discretion.

   E.  The employee shall submit a written resignation resigning from the existing contract.  The resignation may be contingent upon approval by the board of participation in the
         voluntary early retirement program.

   F.  All applications for the Early Retirement Plan will be considered not later than the first regular board meeting in February, and if more than the designated number allowed in
        Section A are received, the highest priority will be given to the employees with the longest continuous years of service in the District.

   G.  An employee who meets the criteria in item “B”, but who has not completed a minimum of ten (10) consecutive years of service to the school district may apply for a
         prorated early retirement amount.  Approval of such application by the board will be based on the best interests of the school district, and if a prorated amount is approved,
         the amount will be based on completed consecutive years of service at the time of the application for the Early Retirement Plan.

   H.  The application for the Early Retirement Plan and the resignation must be approved by the board, which will authorize disbursement of the early retirement amount.

   I.    Approval by the board of the support staff employee's early retirement application shall constitute a voluntary resignation.  Approval by the board of the support staff
         employee's early retirement application will also make the support staff employee eligible for disbursement of the early retirement amount on January 10 of the school year
         following the support staff employee’s approval for early retirement.  Failure of the board to approve the support staff employee's early retirement application will make the
         support staff employee's current contract with the board continue in full force and effect.

 

II.   Voluntary Early Retirement Amount and Terms:

   A.  A support staff employee who meets one of the eligibility requirements as stated in the policy will be eligible for the early retirement amount of approximately 45% of the
         beginning base pay for their job classification plus an amount equal to 25% of the employee’s accumulated sick leave times the current daily substitute pay rate for that
         position.  An employee whose contractual full-time equivalency (FTE) is less than 1.00 will be eligible for a prorated early retirement amount by multiplying the employee’s
         FTE by the applicable amount above.  

   B.  An employee agrees to participate in the “Special Pay Plan”.  This plan allows payment of the early retirement amount to be paid to a Tax Shelter Annuity of the employee’s
        choice.  This Tax Shelter Annuity must be with a company that participates in the State of Iowa Plan.  If the employee is currently contributing to a Tax Shelter Annuity the
        payment will be made to the same company.  The employee agrees not to close out this account before the January payment is made.

   C.  Upon retirement, the support staff employee is eligible to continue participation in the school district's group insurance plan at the support staff employee's expense by
        meeting the requirements of the insurer.  The employee/retiree must pay the monthly premium amount in full to the board secretary prior to the due date of the school
        district's premium payment to the insurance carrier.

        This insurance coverage will cease when the support staff employee/retiree qualifies for Medicare coverage, secures other employment in which the employer provides
        insurance coverage, or dies.  If dependent insurance coverage is carried, that coverage may continue at the dependent’s expense beyond the employee's/retiree's
        qualification for Medicare coverage under COBRA provisions.

        In the event of the death of the employee/retiree, the dependent of the employee/retiree may continue  coverage in the school district's group health insurance program at
        his/her own expense under COBRA  provisions, if the dependent was covered through the school district's group health insurance program prior to the death of the
        employee/retiree.

   D.  An employee who elects to participate in this program will become a retired employee and will be entitled to all rights and privileges of such a retiree under applicable laws
        and policies of the school district.

   E.  Beneficiary.  In the event of the death of the employee prior to the early retirement amount being paid, payment will be as follows:

1. Lump sum payment will be made to a designated beneficiary for the early retirement amount due to the employee on January 10 of the school year following the support staff employee’s approval for early retirement.
2. In the event no beneficiary is named, payment shall be made to the estate of the employee on January 10 following the support staff employee’s approval for early retirement.

The board has complete discretion to offer or not to offer an Early Retirement Plan for support staff employees and will review this policy annually.  The board may discontinue the school district's Early Retirement Plan at any time. 

 

The undersigned licensed employee acknowledges receipt of the Early Retirement Plan documents stated below, for the licensed employee’s consideration:

• early retirement policy (plan description);
• early retirement application.

The undersigned licensed employee acknowledges that the application and participation in the Early Retirement Plan is entirely voluntary.

The undersigned licensed employee acknowledges that the school district recommends the licensed employee contact legal counsel and the employee’s personal accountant regarding participation in the Early Retirement Plan.

 

______________________________________________________________         _______________________________
Licensed Employee                                                                                                        Date

 

Board policy allows the employee to continue to participate in the school district’s group health insurance plan until age 65 by meeting the requirements of the insurer.

The licensed employee is responsible for the cost of the health insurance premium. The licensed employee must pay the employee’s share of the premium by paying the monthly premium amount in full to the board secretary prior to the due date of the school district’s premium payment to the insurance carrier.

 

________ I would like to remain on the school’s health insurance policy.  I will submit a check to the Central Office the first of each month.  Failure to submit this check will result in loss of insurance coverage. 

Plan selected: ___________________________________________________________________

________ I wish NOT to remain on the school’s health insurance policy when I am no longer an ACTIVE employee.  (after all pay is received)  COBRA option has been explained to me.

________I would like to remain on the school’s dental insurance policy.  I will submit a check to the Central Office the first of each month.  Failure to submit this check will result in loss of dental insurance coverage.  Plan selected: __________________________________________________________

________I wish NOT to remain on the school’s dental insurance policy when I am no longer an ACTIVE employee.  (after all pay is received)  COBRA option has been explained to me.

________I wish to receive all remaining pay for the _______ school year on June 10, 20__.  (Recommend you contact IPERS to discuss, if it is better for you to take all payment in June or to continue to receive checks during July and August.  This varies from person to person)  If the employee participates in the TaxSaver Plan, the July and August monthly amounts will be deducted from the June 10, 20__ paycheck.

 

 

______________________________________________________________         _______________________________
Licensed Employee                                                                                                                                             Date

 

 

The undersigned licensed employee is applying for early retirement pursuant to board policy.  Please complete the following information:

______________________________________________________________         _______________________________
(Full Legal Name of Licensed Employee)                                                                       (Social Security Number)

_______________________________________________________     _________________________     __________________________
(Current Job TItle)                                                                                       (Date of Birth)                                 (Years of Consecutive Service)

Please attach a letter of resignation effective at the end of the current contract year.

The undersigned licensed employee acknowledges that application and participation in the Early Retirement Plan is entirely voluntary.

The undersigned licensed employee acknowledges that the early retirement amount will be paid on January 10 of the school year following the licensed employee’s approval for early retirement.

The undersigned licensed employee acknowledges that the school district recommends that the licensed employee contact legal counsel and the employee’s own personal accountant regarding participation in the Early Retirement Plan.

Should the licensed employee die prior to full payment of an early retirement amount, the licensed employee designates either the following individual as beneficiary or the licensed employee’s estate.

__________ Beneficiary                                                            __________ Estate

____________________________________________________________________________________________________
Beneficiary

____________________________________________________________________________________________________
Beneficiary Address

______________________________________________________________         _______________________________
Licensed Employee                                                                                                        Date

______________________________________________________________         _______________________________
Witness                                                                                                                           Date